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Neobank Open reaches USD 1 bln evaluation

Monday 2 May 2022 13:05 CET | News

Google-backed neobank Open has reached the Unicorn status, making it the 100th Indian company to reach the USD 1 billion benchmark, through its latest funding round.

The startup raised an undisclosed amount of money in Series D funding, led by investment company IIFL, with the participation of former investors, including Tiger Global and 3one4 Capital. The new capital infusion leaves Open at USD 1 billion evaluation, following a Series C funding of USD 500 million, later in 2021.

Open is a neobank that offers SMEs and enterprises all features of a regular bank, with additional tools to serve the needs of small businesses. The startup is now used by over 2.3 million small businesses across India and currently processes over USD 30 billion in transactions per year. Open also expanded its offerings so that it now provides its neobanking technology to banks in a white-label licensing arrangement who can later be sold to its customers.

The bank considers launching three new products to expand its offering for its customers – revenue-based financing Flo, an early settlement card, and work capital lending. 

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Keywords: neobanks, SMEs, SME lending, Unicorn, funding, crowdfunding, product upgrade, product launch, startup, fintech
Categories: Banking & Fintech
Companies: Open, Tiger Global
Countries: India
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Banking & Fintech

Open

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Tiger Global

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